Liquidity and Management Plans |
9 Months Ended | |
|---|---|---|
Sep. 30, 2017 | ||
| Liquidity And Management Plan Disclosure [Abstract] | ||
| Liquidity And Management Plan Disclosure [Text Block] |
Note 2 - Liquidity and Management Plans
During the three and nine months ended September 30, 2017, the Company recorded revenue of $250,000 and $1,124,874, and during the three and nine months ended September 30, 2016, the Company recorded revenue of $1,003,973 and $1,322,155, respectively. During the three and nine months ended September 30, 2017, the Company recorded net losses of $12,748,248 and $38,140,398, and during the three and nine months ended September 30, 2016, the Company recorded net losses of $10,125,063 and $31,206,160, respectively. Net cash used in operating activities was $26,887,004 and $24,439,565 for the nine months ended September 30, 2017 and 2016, respectively. The Company is currently meeting its liquidity requirements through sales of shares to private investors during August 2016, November 2016, December 2016 and July 2017, which raised total net proceeds of $49,720,858, and payments received under product development projects. As of September 30, 2017, the Company had cash on hand of $20,223,859. The Company expects that cash on hand as of September 30, 2017, together with anticipated payments to be received under current product development projects and anticipated royalties from chip revenue, together with potential new financing activities including potential sales of stock, will be sufficient to fund the Company’s operations through at least one year from the issuance of these unaudited condensed interim financial statements. Research and development of new technologies is, by its nature, unpredictable. Although the Company will undertake development efforts with commercially reasonable diligence, there can be no assurance that its available resources will be sufficient to enable it to develop and obtain regulatory approval of its technology to the extent needed to create future revenues sufficient to sustain its operations. The Company expects to pursue additional financing, which could include follow-on equity offerings, debt financing, co-development agreements or other alternatives, depending upon market conditions. Should the Company choose to pursue additional financing, there is no assurance that it would be able to do so on terms that are favorable to the Company or its stockholders. |